Workshop/tool insurance

[Arnold9801]

Can anyone offer me some advice on a good Insurance company for insuring workshops and tools please?

Arnold9801

 

[Cabinetman]

My experience is that it’s expensive, building and contents £1600 and if you don’t have everything as specified like five yearly electrical inspection, the right type of locks on the doors etc, they are not very inclined to pay out in the event of a claim.
Personally I would spend the money on a good alarm system ( including a master blaster that makes it debilitating to be in the building ) that connects to a local central station who will come out in the event of an activation. Also make the place impregnable as much as you possibly can. It is extremely unlikely that they will be equipped with a lorry to take away your big bits of cast-iron, much more likely to be interested in power tools and handtools so lock these away every night in a very secure tool cupboard, they will not want to hang around trapped inside a building trying to get inside that cupboard, particularly whilst the alarm is going off and the master blaster is making it difficult to think. Ian
Edit also lock away your ear defenders.

 

[MarkAW]

also lock away your ear defenders.

Haha
Crowbars, hammers and bolt cutters too

 

[Blackswanwood]

I would suggest using a Chartered Insurance Broker who will be able to advise which insurance company is best for your individual circumstances. Two insurance companies with sound reputations (imho based on umpteen years in insurance and financial services) for small business insurance are NFU Mutual and Hiscox. But there are others and comparing them properly is an arduous task and one of the benefits of using a broker is that they do this for you.

 

[Mrs C]

Not sure if it is home or business. NFU (used to? - this needs checking) cover tools in house contents insurance also including outbuildings.

Another vote for NFU - they are more expensive, but easy to deal with and pay out when needed.

 

[andy hamilton]

I've been using simplybusiness.co.uk for years for my business insurance. It's a tradesperson's combined policy covering public liability, tools, machinery and workshop insurance. They're easy to deal with on the phone or online. I forget how much I paid to renew this year, but it was well under £200. I don't know if they can find a policy without the public liability for non-tradespeople, if that's all you need you'd probably do better to add it to buildings & contents insurance. It's likely to increase the cost, but probably not by much

 

[ade_tumu]

We've been using Town & Country insurance brokers for many years: www.insurance-policies.co.uk. Insurance via them is around £150 for our workshop contents.

 

[Cabinetman]

Yes I would recommend the NFU unfortunately they wouldn’t cover my workshop as it’s in a flood risk area, it’s never flooded in the 160 years since we built it. And as was mentioned I’m fairly sure my tools at home are covered on my NFU home policy. Ian

 

[MarkAW]

it’s never flooded in the 160 years since we built it.

How old are you!?

 

[Cabinetman]

Hi Mark, it was a royal we, ha ha. Great ( or great great) granddad built it in 1860 – me I’m 65. Ian

 

[TheTiddles]

If it’s your house then just make sure what’s on your policy and include the value. I always pose the question “so if I put all my belongings in the garage and they were stolen, it would be covered right?”, if the answer’s “only up to £500” or similar, use another provider

business will be different

 

[Arnold9801]

Thank you all for your replies. I will make contact with NFU and the others you’ve mentioned.

I’m not in business but will see if I can get cover.

Happy Christmas everyone and stay safe and hope we can all have a better 2021!

Arnold9801

 

[apn]

I couldn’t find anybody who would cover mine for a reasonable price (timber frame, close to a river etc.) other than Blackfriars Insurance Brokers - Chartered Insurance Brokers in the UK

 

[Ollie78]

Insurance for tools and workshops is a horrible nightmare.

I have a combined policy through dpi. With Zurich.
They will only cover minimal amount of "hand tools" or "portable power tools" which is anything one man can lift basically. Stuff only covered in the van during daytime hours. They are happier with "plant" or fixed machinery in the workshop.
I have to add several caveats to my policy because of the building and stuff as well.

The van insurance is completely inadequate for tools, even a tools only policy will only cover a small amount.

My broker told me that joinery is basically becoming uninsurable, and I am quite lucky to be able to get any coverage at all.
I said I was willing to pay if he could actually find me proper coverage for everything. He could only do it through an indemnity policy at insane expense.

If someone could specialise in insuring joiners and carpenters they could get all the trade.

Ollie